Check out this quick reference guide to the average “return on investment” of the most popular upgrades people do before selling their homes.
A common question many people have when it comes time to put their home on the market is “what, if any, updates should be done before we put it on the market?”.
There are a couple reasons for asking this. The first is, “would an update be required before a sale for financing reasons” and the second is “would making a particular update add value to a home to increase proceeds at closing”.
A major update/upgrade we all think about first… is the roof! If the roof is failing, it is almost impossible to get a VA FHA mortgage loan. Even though it’s not included in this graph, here is the breakdown: Replacing your roof in Washington State typically yields around 60–70% ROI and plays a key role in making your home attractive to buyers, reducing time on market, and smoothing negotiations. Just make sure the replacement is necessary, executed properly (ideally tear-off + mid-grade materials), and timed well for sale.
As you can see by this graph, if your home’s kitchen is outdated compared to the competition, it may be worth a remodel since you should be realizing a 96% ROI. Even more important than just the monetary part, it will most likely reduce your time on market with this upgrade.
A surprise is the difference new garage doors make! Almost 194% ROI for changing updating an old door!
Windows, bathroom remodel and stone/veneer exterior updates are all great ways to make your home more appealing to a potential buyer, and have great ROI numbers.
Of course, every home and situation is different so if you have questions on what would be the right move to make before putting your home on the market, just reach out and ask!
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